AD Ports Group has announced the signing of a Memorandum of Understanding (MoU) with the Kuwait General Administration of Customs to establish a new virtual trade corridor between the UAE and Kuwait.
Under its terms, Maqta Gateway, AD Ports Group’s digital arm will develop the new virtual trade corridor based upon its Advanced Trade & Logistics Platform (ATLP), under the supervision of the Department of Economic Development- Abu Dhabi, establishing new policies, procedures and systems integrations to support a virtual trade corridor that will further simplify and facilitate cross-border trade.
With the establishment of the new virtual trade corridor and implementation of integrated solutions, customs authorities in both countries will be able to access pre-arrival information for international cargo movements, making cross-validation of information significantly faster and promoting pre-clearance of goods.
The MoU will also provide for accelerated procedures for expediting shipments of perishable goods, reducing dwell time at borders.
The digital integration also has safety and security benefits, improving visibility for authorities over any possible risks associated with goods that move between the two nations, as well as reducing the inspection rate and simplifying procedures for authorisation holders.
The MoU was signed under the supervision of Department of Economic Development – Abu Dhabi (ADDED).
Rashid Abdul Karim Al Balooshi, Undersecretary, Abu Dhabi Department of Economic Development, Chairman of the Higher Committee of Logistics Development, said: “This MoU sets the stage for deeper cooperation with our trade partners. By establishing this virtual trade corridor, we will generate positive impact on the UAE and Kuwaiti economies and support the wider efforts of our wise leadership to promote trade and fraternal bonds between our nations, establishing Abu Dhabi as a leading trade and logistics hub in the region.”
Suleiman AbdulAziz Al-Fahd, Director of the General Administration of Customs – Kuwait, added: “We are pleased to sign the MoU with AD Ports Group, which comes within the framework of our strategic plan to develop the capabilities of the customs ecosystem in Kuwait with the aim of facilitating business, reducing manual reviews for completion of administrative and customs procedures, and facilitating the trade community in both countries through an agreement that benefits from the advantages of Global Logistics Passport.”
“The signing of this agreement comes as a result to cooperation efforts and mutual visits between the logistic committees in the two countries, hoping that it will provide high-level facilities for both customs authorities and business partners.”
The signing took place in Kuwait following a visit by DED’s Logistics Committee, under the auspices of His Excellency Abdulwahab Al-Rushaid, Minister of Finance and Minister of State for Economic Affairs and Investments – Kuwait and in presence of His Excellency Dr. Matar Hamed Al Neyadi, Ambassador of the United Arab Emirates to Kuwait, and was signed by Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, and Suleiman AbdulAziz Al-Fahd, Director of the General Administration of Customs – Kuwait.
The company saw its revenues reach AED 3.9 billion ($1.1 billion) last year, an increase of 14 per cent over 2020. This was primarily driven by volume growth, business diversification, and a collection of new partnerships.
